Belfort Ave. Multifamily Gets 77% LTV Financing in Mid-2% Range
Meridian Capital Group recently arranged $35 million in acquisition financing for 3131 West Belfort Ave., a multifamily property in Houston. The 10-year agency loan features a rate of 2.74 percent.
This transaction was negotiated by Jonathan Zilber and Hannah Howard, who are based in the company’s Beachwood, OH office.
The apartment homes feature open floorplans, kitchen islands, built-in home office stations, granite countertops, stainless steel appliances and full-sized washer/dryers.
The property, situated in the Texas Medical Center district, sits minutes from the Medical Center, Museum District and Hermann Park.
“When we received this assignment, we were tasked with going to the bridge lending market and getting at least 75 percent of cost financing. In order to achieve this, we looked to both the bridge and agency markets, leveraging the knowledge that our client had nearly 4,000 units locally, and therefore could better manage the asset at reduced operating costs. As a result, we were able to obtain 77 percent loan-to-value financing in the mid 2-percent range. Our client was ecstatic as their expectation was to execute at a rate in the mid-3 percent range. We were able to provide our client with the proceeds they wanted for more than 100 basis points less,” says Zilber.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.